Bitcoin News and Price Prediction – Will BTC price surge to $45,000 by the end of 2023?

Bitcoin has been on a steady rise since Monday, reaching a new 2023 high and currently sitting at $43,971. This is a 16% increase compared to last week. The rise in Bitcoin value shows continued positive momentum with the help of various factors.

These factors include Bitcoin halving and growing expectations about the possible approval of a Bitcoin spot exchange-traded fund (ETF) in the United States by January 2024.

Is Bitcoin ETF approval imminent? BlackRock and ARK invest in leading

Leading asset manager BlackRock Inc. is poised to make significant strides in the competitive landscape once the U.S. Securities and Exchange Commission (SEC) approves a spot Bitcoin ETF.

Observers are hoping for approval, speculating that BlackRock may have already taken strategic moves to gain an edge on the ETF competition.

Bloomberg ETF analyst Eric Balchunas suggests that BlackRock could potentially give the iShares Bitcoin Trust an early boost by transferring assets from the Bitcoin private trust to the ETF upon regulatory approval.

Originally launched last August, this private trust is aimed at institutional clients interested in tracking Bitcoin performance. With nearly $200 million invested, BlackRock is well-positioned to enter the robust ETF market.

Recent ETF application amendments represent constructive discussions with the SEC, emphasizing robust monitoring, collaboration with third-party platforms to improve AML compliance and KYC. BlackRock is targeting SEC approval by January as plans progress quickly and initial funding is secured.

An undisclosed investor has $100,000 invested in iShares Bitcoin Trust stock as of Oct 27, 2023.

Additionally, Bloomberg analyst James Seyffart expressed optimism, predicting that a spot Bitcoin ETF would likely be approved around December 10th. He also expects approval for ARK Invest’s spot Bitcoin ETF by January 10th of next year.

Here is the latest updated version of my place: #Bitcoin ETF Race Table pic.twitter.com/jYmrg8SI3I

— James Seyff (@JSeyff) December 5, 2023

Bitcoin Halving Countdown Adds Fuel to Crypto Rally

In addition to the market’s positive outlook, there are also expectations for the Bitcoin halving event that will occur in 132 days. Incorporated into Bitcoin’s native blockchain by anonymous creator Satoshi Nakamoto, this event was introduced as an inflation measure when the cryptocurrency launched in 2009.

The halving period, which occurs approximately every four years, has traditionally been the most profitable period for cryptocurrency investors. Historically, these events, which reduce the rate of new Bitcoin creation, have heralded significant price spikes.

This halving is increasingly seen as an opportunity for Bitcoin’s steady growth and continued rise in value. Despite the SEC’s reluctance to fully approve spot Bitcoin ETFs, these recent developments, combined with the excitement of trading and the upcoming halving, suggest that the cryptocurrency market may be headed for a period of transformation.

$BTC price prediction

The current Bitcoin price is $43,971, trading volume is $60.36 billion, and market capitalization is $859.33 billion. In the last 24 hours, the price has increased slightly by 0.45%. Over several periods, the price of Bitcoin has been showing a strong upward trend, forming a bullish pattern.

The price recently broke the $40,000 barrier and rose for the fifth consecutive session. This, along with the involvement of key investors, demonstrates the power and confidence of buyers.

Purchase volume is also steadily increasing, which is having a positive impact on prices. Potential for further upside exists if the current momentum continues and buyers can break the $45,187 hurdle.

Bitcoin is inching towards $45,000, with fear and greed indices indicating extreme greed. Regular traders and analysts alike are watching the momentum closely.

Check out the video above for a thorough analysis of his Bitcoin price prediction, and be sure to subscribe to his YouTube channel for more cryptocurrency-related content. Jacob Crypto Bury also runs a Discord community of 17,000 members, providing trading tips and insights on upcoming cryptocurrency presales.

conclusion

If Bitcoin secures approval for an ETF and mirrors a similar rally to the 122% surge following its most dramatic halving after reaching $50,000, it has the potential to reach or even exceed $110,000 by the end of 2024.

Although these predictions are cautious, they suggest that the $100,000 goal may be achieved sooner as the momentum surrounding Bitcoin grows. The cryptocurrency market was filled with anticipation as it awaited the SEC’s decision.

The approval of a spot Bitcoin ETF could mark a revolutionary step for Bitcoin and the broader cryptocurrency landscape, potentially sparking a surge in institutional adoption and investment.

On the other hand, a negative decision, especially to classify Bitcoin as a security, could cause confusion in the market, challenging Bitcoin’s resilience and putting its upward momentum at risk.

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